EGX gains 3.2B EGP at open back by blue chips
Egyptian Exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) rallied during Thursday’s early trading and market capitalization gained around 3.2 billion EGP ($447.39 million) boosted by positive performance of blue chips.

The benchmark index EGX30 hiked 1.18 percent, hitting 9,688 points compared to 9,575 points Wednesday. The small and mid-cap index EGX70 went up 0.75 percent, amounting to 630 points, up from 625 points last session and the broader index EGX100 increased by 0.93 percent to reach 1,147 points.

Market capitalization rose to 525.1 billion EGP, compared to 521.9 billion EGP in its last session.

“The market rise in early trading due to a buy signal that appeared yesterday, in addition to the hike of the market bellwether CIB along with Tallat Moustafa and Heliopolis,” head of technical analysis at Capital Securities Brokerage Noha Raheel told The Cairo Post.

Raheel advised traders to monitor the trading volume, namely when the benchmark index approaches it resistance at 9,750 points.

Technical Analysis Desk head at Naeem Brokerage Ibrahim El-Nemr, said the EGX 30 rebounded from a key support level of 9,380 points Wednesday.

“This rebound might lead it to rally towards 9,600 points. A breach above 9,600 may send it higher towards 9,750 points,” Nemr told The Cairo Post.

Investors are recommended to hold and wait for a buy signal, with the stop-loss limit at 9,380 points, he added.

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